Is Ottawa, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Ottawa is a seller's market

Buyer's
Market

Difference Since November 2023

Since last year, Ottawa has remained a Seller's Market.

Key Takeaway

Ottawa is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Ottawa, IL

How much do homes in Ottawa, IL cost?

Median Sold Price

$193,500

$135/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$23,500(+13.8%)

Key Takeaway

Homes in Ottawa have sold for 13.8% more than they did a year ago.

Summary: The median home sold price in Ottawa was $193,500 in November 2024, up 13.8% from last year, and the median price per square foot was $135.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $165K$325.5K
+97.3%
2 $127.5K$167K
+31.0%
3 $175K$190K
+8.6%
4 $209K$256K
+22.5%
5+ $320.5K$379K
+18.3%

Summary: Ottawa housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 97.3%, 2 bedroom homes increased by 31%, 3 bedroom homes increased by 8.6%, 4 bedroom homes increased by 22.5%, and 5+ bedroom homes increased by 18.3%.

Median Sold Price Compared To Nearby Cities

Ottawa
+13.8%
Ottawa Township
+13.8%
South Ottawa Township
+12.8%

Housing Supply in Ottawa, IL

How many homes are available in Ottawa, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
103108+4.9%

Summary: The Ottawa real estate market had 108 homes for sale in November 2024, a 4.9% increase compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 33
0.0%
2 2530
+20.0%
3 5250
-3.8%
4 2020
0.0%
5+ 35
+66.7%

Summary: The Ottawa housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 20%, 3 bedroom homes decreased by 3.8%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 66.7%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
2228+27.3%

Asking Price vs. Sold Price

14 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

11 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Ottawa, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 28 homes were sold or pending in Ottawa in November 2024, up by 27.3% month-over-month. Of the 28 sold homes, 50% were sold under asking, 11% were sold at asking, and 39% were sold over asking.

Days on Market for Ottawa, IL

How long does it take to sell a home in Ottawa, IL?

Average Sale Time

Nov 2023Nov 2024CHANGE
50 Days36 Days-27.0%

Summary: Homes in Ottawa had an average of 36 days on market in Nov 2024, down by 27% compared to last year.

Breakdown of Home Sale Times

19 Homes Were Sold
Under 30 Days

8 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Ottawa are selling fast, if you're buying plan to act quickly.

Summary: During November 2024, 28 homes were sold in Ottawa; 68% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 4 Days Ago

Newest Listings in Ottawa, IL

Nearby Markets to Ottawa, IL

What housing markets are near Ottawa, IL?